Rexel
Note: This is a daily stock update and the information stands true as of 16/09/24, 09:00 CEST.
Company Update:
Rexel received earlier this week an offer for a takeover at €9.37bn (€8.45 bn vs a current market cap of €6.8bn). This bid represents a 24% premium over Rexel’s last closing price of around €22.97.
The board unanimously decided to reject the offer from QXO as the bid doesn’t fully reflect the value of Rexel. QXO is part of the XPO logistics galaxy and aims at consolidating the building materials sector. According to Reuters, QXO isn’t planning to resubmit a bid.
Expert Opinion:
Rexel is now on the speculative board and I expect the price will adjust upwards. I doubt the Reuters comment that QXO will not place another bid that will deter market players to take a stake in Rexel. We have an add rating with a fair value of €26.7 per share leaving a 16% upside.
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Company Update:
Rexel received earlier this week an offer for a takeover at €9.37bn (€8.45 bn vs a current market cap of €6.8bn). This bid represents a 24% premium over Rexel’s last closing price of around €22.97.
The board unanimously decided to reject the offer from QXO as the bid doesn’t fully reflect the value of Rexel. QXO is part of the XPO logistics galaxy and aims at consolidating the building materials sector. According to Reuters, QXO isn’t planning to resubmit a bid.
Expert Opinion:
Rexel is now on the speculative board and I expect the price will adjust upwards. I doubt the Reuters comment that QXO will not place another bid that will deter market players to take a stake in Rexel. We have an add rating with a fair value of €26.7 per share leaving a 16% upside.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach our to us at sales@alphavalue.eu
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